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PAYING BILLS ONLINE
Online banking utilizes technology that makes your banking
more convenient, and efficient by bypassing the downsides of
traditional banking, i.e. having to wait in lines, wait for
funds to transfer, etc..
Additional benefits of banking online...
You can do many things via online banking. A few of the more
commonly performed transactions include, viewing your accounts
and statements, transferring money, paying bills, viewing and
printing images of canceled checks, etc.. Most banks' websites
are compatible with
money
managing software like Microsoft Money and Quicken.
It is also very common for banks to offer
consumers the ability of setting up email alerts for
notification of when checks clear or for when your account dips
below a specific point.
Utilizing online
bill payments
More and more business are allowing customers to pay
their bills online. Setting this up with your bank is easy. All
you need to do is register the bills you would like to pay
online with the accounts you want to use for paying them.
Setting payment
schedules
After you have registered all of the accounts that you would
like to pay online, you need to set-up a schedule for making
payments. If you have a bill like a
car loan or
mortgage that is the same amount every month, you may want
to consider making a recurring scheduled payment. If you have a
bill that is for a different amount every month, you will want
to remit a payment manually once/month.
Your online payments are going to be received
either via an electronic payment of check. Your payment will be
automatically debited from your account and electronically
deposited into your creditors account when electronic payments
are utilized. Your bank will issue a check derived from the
directions of your online payment if your creditor does not make
use of electronic payments.
The majority of all bill payment sites
incorporate a page/s that will list all of your payment activity
and status, i.e. processed, pending, scheduled.
Just because you are making payments online
does not mean you should not review your paper statements. It is
not uncommon for companies to change your account number or
their billing address without informing you. There is also
always the potential for your account activity to be incorrect.
How secure is online
banking?
When you register your online bill payment account, you will
need to choose a user name and password. Keep this information
secret! Also, make sure that your bank's site is 'secure' by
looking for a pad lock at the bottom of your browser. The url of
your banking site will need to be https://. The 's'
means that the site is secure. If either one of these features
are not present, then consider the site to not be secure, do not
continue your banking and call your bank for assistance.
It is important to be aware of
phishing scams. This occurs when thieves will send you an
email pretending to be your bank. They will claim that you
personal account information is needed for some specified
reason. They will provide you with a link to click on that will
take you to a phony site that will look like your bank's. Once
your information is compromised, your accounts will be depleted
of their funds, and/or you will become a victim of
identity theft.
Do not proceed if you ever receive an email
like this! Your bank will never communicate with you in this
manner. If you are ever suspicious, contact your bank and verify
the request.
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